Wo years of a global pandemic has made us realize the importance of digitization. When working on-premise and carrying out conventional business processes became difficult, digitization allows companies to automate their processes and find a digital alternative for almost all their processes.
The financial sector witnessed the rise of several digital platforms that allowed users to manage their finances. While platforms like Slate made it easier for SMEs to digitize their financial processes, online payment gateways started soaring across the board. Overall, financial management in the country is witnessing a digital revolution and we are all on board for it!
However, when it comes to Indian businesses, financial accounting was done the traditional way for a very long time. Many small businesses still prefer going the conventional way of bookkeeping. Fortunately, the advent of software giants like Tally has persuaded several businesses to make the much-needed shift to cloud-based accounting.
Tally provides users with a centralized digital platform for performing a range of different accounting processes. It helps users to save their time and effort in maintaining organized books of accounts on a digital platform. The cloud-based version of Tally allows businesses to access all their data from anywhere at any time. This helps the team members to be on the same page and work on the same data without making any mistakes.
If you are new to the world of tally, here are some important ways in which you can leverage your Tally data to boost your business:
Ensuring High Data Security
When it comes to maintaining financial records and carrying out accounting practices, it becomes mandatory to ensure the complete security of your records. You cannot afford to make the smallest mistake in handling the accounts of your business or else it may lead to dire implications.
Tally provides users with high and layered data security to keep their financial records private. The platform facilitates auto backup of data to ensure that no records are lost due to system or manual errors.
Moreover, the cloud version of Tally provides users with an antivirus feature. Through the ODBC layer, it secures all the records managed by users and prevents valuable data from threats like data leaks, unauthorized access, fraud, and many more.
Every business wished to scale up its services and cater to a larger customer base. However, it is important to implement the right platforms that scale with the businesses. On implementing the cloud-based accounting platform of Tally, you can scale the software and your data to cater to more customers. Without facing any hassles or delays, you can scale up your accounting processes to ensure the smooth functioning of your organization.
Also, the high scalability of Tally allows more users to operate on the platform and access business records. Based on the specific needs and preferences of your business, you can optimize the accounting platform to achieve your business goals.
While Tally can be scaled up to help you in growing your business, it can also be scaled down if you are willing to limit your business processes.
Over time, the trends of setting up hybrid workplaces and working remotely have been getting increasingly popular. This requires software platforms to have high accessibility, making it possible for team members working from different locations to access the same data.
Tally allows users to access their records through their laptops, desktops, tablets, and mobile phones. This makes it possible for different members of a team to operate from different locations at the same time, without affecting the work to be done.
Centralizing Data Management
Tally provides you with a range of different tools and features for managing your financial data. It prevents users from switching between different platforms for performing different activities. Tally keeps all your data on a single unified platform from which it can be accessed as per your requirements. This helps you improve the productivity of your team members and save them a good amount of time.
Moreover, centralized data management via Tally prevents team members and the management from waiting when it comes to making important decisions. As all business records are available in a centralized repository, making important business decisions becomes easier.
Using Cost-effective Solutions
Tally can be used by organizations operating at all different scales and belonging to all major industries. The platform is priced at affordable rates to allow startups and SMEs to handle their business accounts by getting on the digital bandwagon. Moreover, the software can be accessed from any location the need for everyone to be working under the same roof, further allowing businesses to save infrastructure costs. With Tally, you can go ahead with your daily, weekly, monthly, quarterly, and annual accounting processes from anywhere in the world.
Customizing The Platform
Especially in the case of the cloud-based version of Tally, the platform can be customized and configured based on the specific needs and preferences of your business. This allows you to have a business-specific approach to all your Tally activities and helps you maintain the exclusivity of your processes.
Obtaining Insightful Analytics
Analytics plays an important role in financial accounting, especially when it comes to the assessment of final accounts. Tally keeps track of all the processes carried out by the business and provides them with valuable analytics related to their accounts. Right from ascertaining the profitability of your business to identifying important trends over time, Tally provides you with customizable reports and summaries.
This helps the senior management to understand the context of the company’s financial standing in the market and make important business decisions. This is where Tally becomes an important business planning tool along with a digital accounting platform.
The Final Word
These were some important ways in which you can leverage your Tally data to boost your business. Tally helps you gather all your business records on a centralized platform and obtain a 360-degree view of your accounting practices. In the age of digitization, it is important to switch to digitized tools like Tally to thrive in the industry you operate in.